By 2ndactt/ Photo by Ono Kosuki on Pexels.com
Scientific evidence shows that knowledge and expertise, the most important predictors of job performance, keep increasing well beyond age 80. Therefore, aging never stops people from learning new things. Hiring older adults, business owners will receive benefits at least in the following ways.
1. Your teams are more productive
Cognitive diversity is the key to maximizing a team’s output, wrote Harvard Business Review, saying that diversity is more likely to achieve if a team mixes people of different ages and experiences to work together.
Also, teams of different generations work more effectively than those of only one generation, said the Financial Times. To increase your steam’s performance, invite older workers to join in.
2. You spend less money on recruiting and training
How many times does an employer invest heavily in recruiting and training new employees, only to find themselves having to recruit again in a year or two? Hiring older workers may avoid problems like that.
People beyond the age of 50 spent the majority of their careers in a time when changing jobs was less common. They tend to stay with the employers longer than younger generations, and this will save business owners time, money and energy in recruiting.
3. Craftsmanship is passed down to younger employees
There are industries where craftsmanship is highly appreciated. Manufacturing, boutique, and handicraft are some of them.
In fact, every profession has its craftsmanship. Having been in their businesses for decades, sales people know the secrets to striking deals. With years of accumulated experience, teachers know how to get students to listen. These are craftsmanship.
Craftsmanship– skills, knowledge, and expertise– is passed down to younger members only when organizations include both the young and the old into their teams.
4. Improve the economy
A great number of older adults in the world will not have enough savings by the time they retire. Take Americans. It is estimated that they need US$1 million to retire at 65, and yet many fail to have such savings by the time they reach that age.
When people have to make ends meet, they will have to cut back spending. No movies, no restaurants, and no new shoes or bags. And why buy that new electronic gadget? Just use the old ones until they are beyond repair.
With the world’s population growing old, the economy will suffer when older people become the majority and yet they don’t have money to spend. At the end of time, the business sector will have to bear the brunt.
Business owners can do themselves a favor by hiring older adults, and in turn it helps the economy thrive.
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